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January 27, 2011

Sen. Tim Johnson Says He'll Focus on Implementing Dodd-Frank

New head of Senate Banking Committee also vows to work on housing finance reform

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Senator Tim Johnson, D-SD, on Thursday was officially named chairman of the Senate Committee on Banking, Housing, and Urban Affairs.

Johnson (left) said in a statement after he was named that as the nation continues to come out of the worst recession since the Great Depression, that he’s “committed to an agenda to restore our economy, make our financial regulations world class, and ensure that consumers and investors are meaningfully protected." From the perspective of the Banking Committee, he continued, "this will include overseeing the implementation of the Dodd-Frank Wall Street Reform and beginning housing finance reform.”

Johnson replaces Sen. Christopher Dodd, D-Conn., who retired. Johnson went on to say that he’s committed to working with his colleagues “on both sides of the aisle, the White House, regulators, consumer groups, industry and international regulators on oversight of reform.”

The ranking minority member on the Committee is Sen. Richard Shelby, R-Ala.

He noted that the Administration’s recommendations on housing finance reform are expected to be released in the near future and “that will generate discussion and help move the debate along.” Johnson said he looks “forward to an open dialogue to build consensus around a viable path forward. I do not want to further destabilize housing markets or make homeownership unaffordable for the majority of Americans.”

He added that as he’s demonstrated throughout his career in Congress that he wants “to keep politics on the back burner and focus on good policy.”